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Harbor Small Cap Value Fund (HASCX)

Please note that the Fund is now closed to new investors effective June 1, 2021. Please refer to the Fund's prospectus for additional information.

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 1/31/2023

NAV Price

$39.38

NAV Daily Change ($)

$1.00

NAV Daily Change (%)

2.61%

NAV YTD Return

9.85%

Morningstar Silver

Morningstar Analyst Rating™

As of 7/15/2022

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

Fund Facts

Inception Date

12/14/2001

Net Expense Ratio

0.87%

Gross Expense Ratio

0.87%

Total Net Assets (million)

as of 1/31/2023

$1,552.574

Ticker

HASCX

Fund Number

2022

Share Class

Institutional

Top Ten Holdings

as of 12/31/2022

Casella Waste Systems Inc. Class A [CWST]

3.5%

Houlihan Lokey Inc. Class A [HLI]

3.0%

Franklin Electric Co. Inc. [FELE]

2.6%

Darling Ingredients Inc [DAR]

2.6%

Reinsurance Group of America Incorporated [RGA]

2.4%

Hexcel Corporation [HXL]

2.3%

SPX Technologies Inc. [SPXC]

2.3%

Parsons Corporation [PSN]

2.2%

Albany International Corp. Class A [AIN]

2.2%

Molina Healthcare Inc. [MOH]

2.1%

% of Total Holdings:

25.2%

Morningstar Silver

Morningstar Analyst Rating™

As of 7/15/2022

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

left quote

“Better judgement borne of deep hands on experience in a variety of industries allows us to see what others miss.”

right quote

Paul Viera

CEO and Partner, Earnest Partners LLC

Performance

Total Returns

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Small Cap Value Fund

7.24%

9.85%

4.53%

9.80%

6.43%

10.76%

10.10%

0.87%

0.87%

Russell 2000® Value Index

5.48%

9.54%

-0.52%

9.94%

5.78%

8.84%

8.56%

--

--

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Russell 2000® Value Index is an unmanaged index representing the smallest 2000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Value Index and Russell® are trademarks of Frank Russell Company.

Price History

CHART
TABLE

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/16/2022

12/19/2022

12/19/2022

0.00000

0.12022

2.47978

0.03839

0.00000

2.44139

2.60000

0.00000

35.13

12/17/2021

12/20/2021

12/20/2021

0.00000

0.04232

2.36015

--

0.00000

2.36015

2.40247

0.00000

39.90

12/16/2020

12/17/2020

12/17/2020

0.00000

0.17061

0.00000

0.00000

0.00000

0.00000

0.17061

0.00000

39.22

12/13/2019

12/16/2019

12/16/2019

0.00000

0.17500

0.31673

0.00000

0.00000

0.31673

0.49173

0.00000

34.63

12/14/2018

12/17/2018

12/17/2018

0.00000

0.12283

2.94909

0.11826

0.00000

2.83083

3.07192

0.00000

27.81

12/15/2017

12/18/2017

12/18/2017

0.00000

0.03062

0.68749

0.00000

0.00000

0.68749

0.71811

0.00000

36.37

12/16/2016

12/19/2016

12/19/2016

0.00000

0.11050

0.00000

0.00000

0.00000

0.00000

0.11050

0.00000

30.72

12/16/2015

12/17/2015

12/17/2015

0.00000

0.09352

0.89173

0.10478

0.00000

0.78695

0.98525

0.00000

24.80

12/17/2014

12/18/2014

12/18/2014

0.00000

0.05903

0.91139

0.03354

0.00000

0.87785

0.97042

0.00000

26.39

12/16/2013

12/17/2013

12/17/2013

0.00000

0.04851

4.41125

0.37563

0.00000

4.03562

4.45976

0.00000

24.70

12/14/2012

12/17/2012

12/17/2012

0.00000

0.21642

0.26841

0.00000

0.00000

0.26841

0.48483

0.00000

21.99

12/15/2011

12/16/2011

12/16/2011

0.00000

0.05366

0.00000

0.00000

0.00000

0.00000

0.05366

0.00000

19.12

12/16/2010

12/17/2010

12/17/2010

0.00000

0.07563

0.00000

0.00000

0.00000

0.00000

0.07563

0.00000

19.47

12/17/2009

12/18/2009

12/18/2009

0.00000

0.07112

0.00000

0.00000

0.00000

0.00000

0.07112

0.00000

15.93

12/18/2008

12/19/2008

12/19/2008

0.00000

0.05479

0.03603

0.00000

0.00000

0.03603

0.09082

0.00000

12.80

12/18/2007

12/19/2007

12/19/2007

0.00000

0.09535

1.11030

0.00000

0.00000

1.11030

1.20565

0.00000

19.47

12/18/2006

12/19/2006

12/19/2006

0.00000

0.01961

0.48505

0.00000

0.00000

0.48505

0.50466

0.00000

21.49

12/19/2005

12/20/2005

12/20/2005

0.00000

0.02027

0.30693

0.03399

0.00000

0.27294

0.32720

0.00000

19.81

12/29/2004

12/30/2004

12/30/2004

0.00000

0.00000

0.09415

0.00000

0.00000

0.09415

0.09415

0.00000

18.26

12/29/2003

12/30/2003

12/30/2003

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

15.01

12/27/2002

12/30/2002

12/30/2002

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

10.14

12/26/2001

12/27/2001

12/28/2001

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

10.76

Holdings

Portfolio Characteristics

as of 12/31/2022

Small Cap Value Fund

Number of Holdings

62

Wtd Avg Market Cap ($Mil)

4102.4

Price/Book Ratio

2.45

Adjusted Trailing P/E Ratio

18.5

% EPS Growth - Past 3 Yr

13.2

Return on Equity (%)

10.49

Forecasted P/E Ratio

16

Top Ten Holdings

as of 12/31/2022

Company Name [Ticker]

% of Net Assets

Casella Waste Systems Inc. Class A[CWST]

3.5

Houlihan Lokey Inc. Class A[HLI]

3.0

Franklin Electric Co. Inc.[FELE]

2.6

Darling Ingredients Inc[DAR]

2.6

Reinsurance Group of America Incorporated[RGA]

2.4

Hexcel Corporation[HXL]

2.3

SPX Technologies Inc.[SPXC]

2.3

Parsons Corporation[PSN]

2.2

Albany International Corp. Class A[AIN]

2.2

Molina Healthcare Inc.[MOH]

2.1

% of Total Holdings:

25.2%

This information should not be considered as a recommendation to purchase or sell a particular security. The holdings mentioned may change at any time and may not represent current or future investments.

as of 12/31/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Casella Waste Systems Inc. Class A [CWST]

United States

886

79.31

70,254

3.5

Houlihan Lokey Inc. Class A [HLI]

United States

691

87.16

60,215

3.0

Franklin Electric Co. Inc. [FELE]

United States

659

79.75

52,565

2.6

Darling Ingredients Inc [DAR]

United States

834

62.59

52,215

2.6

Reinsurance Group of America Incorporated [RGA]

United States

334

142.09

47,431

2.4

Hexcel Corporation [HXL]

United States

801

58.85

47,127

2.3

SPX Technologies Inc. [SPXC]

United States

699

65.65

45,876

2.3

Parsons Corporation [PSN]

United States

968

46.25

44,770

2.2

Albany International Corp. Class A [AIN]

United States

451

98.59

44,421

2.2

Molina Healthcare Inc. [MOH]

United States

129

330.22

42,556

2.1

Trustmark Corporation [TRMK]

United States

1,201

34.91

41,935

2.1

SouthState Corporation [SSB]

United States

541

76.36

41,329

2.1

Box Inc. Class A [BOX]

United States

1,323

31.13

41,178

2.0

CONMED Corporation [CNMD]

United States

464

88.64

41,127

2.0

Timken Company [TKR]

United States

580

70.67

41,013

2.0

Scotts Miracle-Gro Company Class A [SMG]

United States

814

48.59

39,556

2.0

Cabot Corporation [CBT]

United States

589

66.84

39,358

2.0

GATX Corporation [GATX]

United States

368

106.34

39,113

1.9

Flowserve Corporation [FLS]

United States

1,243

30.68

38,142

1.9

United Community Banks Inc. [UCBI]

United States

1,121

33.80

37,890

1.9

FirstCash Holdings Inc. [FCFS]

United States

434

86.91

37,743

1.9

First Merchants Corporation [FRME]

United States

913

41.11

37,524

1.9

Heartland Financial USA Inc. [HTLF]

United States

802

46.62

37,397

1.9

STAG Industrial Inc. [STAG]

United States

1,157

32.31

37,373

1.9

AAR CORP. [AIR]

United States

821

44.90

36,847

1.8

Littelfuse Inc. [LFUS]

United States

168

220.20

36,940

1.8

Cracker Barrel Old Country Store Inc. [CBRL]

United States

380

94.74

35,974

1.8

Enterprise Financial Services Corp [EFSC]

United States

732

48.96

35,820

1.8

Envestnet Inc. [ENV]

United States

562

61.70

34,688

1.7

Plexus Corp. [PLXS]

United States

337

102.93

34,651

1.7

Meritage Homes Corporation [MTH]

United States

375

92.20

34,540

1.7

Moog Inc. Class A [MOG.A]

United States

392

87.76

34,393

1.7

United Bankshares Inc. [UBSI]

United States

850

40.49

34,398

1.7

EnerSys [ENS]

United States

436

73.84

32,181

1.6

FormFactor Inc. [FORM]

United States

1,452

22.23

32,278

1.6

Oceaneering International Inc. [OII]

United States

1,795

17.49

31,402

1.6

Pediatrix Medical Group Inc. [MD]

United States

2,121

14.86

31,514

1.6

Diodes Incorporated [DIOD]

United States

410

76.14

31,199

1.6

Catalent Inc [CTLT]

United States

689

45.01

31,013

1.5

Advanced Energy Industries Inc. [AEIS]

United States

356

85.78

30,530

1.5

Methode Electronics Inc. [MEI]

United States

670

44.37

29,748

1.5

Stifel Financial Corp. [SF]

United States

508

58.37

29,673

1.5

Corporate Office Properties Trust [OFC]

United States

1,120

25.94

29,064

1.4

Cheesecake Factory Incorporated [CAKE]

United States

905

31.71

28,700

1.4

Sabre Corp. [SABR]

United States

4,394

6.18

27,158

1.4

Sanmina Corporation [SANM]

United States

462

57.29

26,457

1.3

Integer Holdings Corporation [ITGR]

United States

381

68.46

26,091

1.3

Ryder System Inc. [R]

United States

294

83.57

24,581

1.2

CTS Corporation [CTS]

United States

579

39.42

22,818

1.1

Horace Mann Educators Corporation [HMN]

United States

534

37.37

19,972

1.0

Pebblebrook Hotel Trust [PEB]

United States

1,471

13.39

19,700

1.0

Helen of Troy Limited [HELE]

United States

172

110.91

19,046

0.9

Archrock Inc. [AROC]

United States

2,087

8.98

18,744

0.9

Entegris Inc. [ENTG]

United States

267

65.59

17,508

0.9

Wolverine World Wide Inc. [WWW]

United States

1,423

10.93

15,548

0.8

Steelcase Inc. Class A [SCS]

United States

2,035

7.07

14,385

0.7

Amkor Technology Inc. [AMKR]

United States

561

23.98

13,455

0.7

United Fire Group Inc. [UFCS]

United States

449

27.36

12,296

0.6

Myriad Genetics Inc. [MYGN]

United States

649

14.51

9,416

0.5

DMC Global Inc. [BOOM]

United States

451

19.44

8,759

0.4

Core Laboratories NV [CLB]

United States

325

20.27

6,583

0.3

Total

--

--

--

2,016,176

100.2

Cash and Other Assets Less Liabilities

--

--

--

--

-0.2

Total Net Assets

--

--

--

--

100%

as of 12/31/2022

Economic Sector

Small Cap Value Fund %

Russell 2000® Value Index %

Industrials

28.1

13.2

Financials

23.5

28.7

Information Technology

18.8

5.6

Health Care

9.0

10.4

Consumer Discretionary

6.6

10.0

Real Estate

4.3

10.6

Materials

3.9

4.1

Energy

3.3

6.2

Consumer Staples

2.6

2.6

Communication Services

0.0

2.9

Utilities

0.0

5.3

as of 12/31/2022

Economic Sector

Small Cap Value Fund %

Russell 2000® Value Index %

Energy

46.6

17.4

Industrials

19.9

15.7

Information Technology

13.3

5.3

Financials

10.4

7.4

Materials

9.7

18.7

Consumer Discretionary

8.6

13.0

Real Estate

7.8

7.4

Utilities

0.0

10.4

Communication Services

0.0

2.0

Consumer Staples

-5.4

7.1

Health Care

-11.1

-4.8

Investment Team

EARNEST Partners LLC


EARNEST Partners LLC manages assets for clients around the world, including corporate pension plans, state and municipal pension plans, jointly-trusteed plans, foundations and endowments. They also manage portfolios for high net worth individuals through the platforms of some of the largest broker dealers in the world. EARNEST Partners is a fundamental, bottom-up investor; their investment decisions focus on the merits of individual securities. 

The firm believes the best investment decisions are thoughtfully distilled from a pool of expertise, and they are pleased to offer their clients a team with the experience and the network to assess the relevant geopolitical issues, demographic trends and cultural considerations impacting their investments. They believe that identifying the most attractive investment opportunities takes a global focus.

Documents

Additional Documents

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to  https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.

Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2023 Harbor Capital Advisors, Inc. All rights reserved.